Gold & Silver - Trading Forecast

By IBT Staff Reporter On 12/03/09 AT 7:34 AM

Gold closed higher on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. Prices closed nearer the session high today and scored another fresh contract and all-time high. Gold bulls have the solid overall near-term technical advantage. While there are still no strong, early technical clues of a market top being close at hand for gold, the market is due for a decent corrective pullback soon. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

Silver closed higher on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. Prices closed near mid-range today and hit another fresh 16-month high. The silver bulls still have the solid near-term technical advantage. Bulls' next upside price objective is closing prices above solid technical resistance at $20.00 an ounce.